Pet owners often face unexpected vet bills, which can quickly add up to thousands of dollars for treatments like cancer, surgery for a broken bone. And with no pet insurance, these costs can often be heavy on the pocket. To determine if pet insurance is worth it, individuals need to weigh the monthly premiums against potential vet expenses.
Consider this scenario: You've been paying pet insurance premiums for your dog for three years at approximately $684 per year, totalling $2,052. If the dog swallows a small toy, it will result in $4,000 in vet bills. If the policy has a $500 deductible and a 90percent reimbursement rate, the out-of-pocket cost for this incident would be $850 ($500 deductible + 10% of $3,500 = $850).
In this case, adding up the premiums paid over three years and the cost of the toy incident, a pet parent has spent $2,902 with pet insurance. Without it, they would have had to pay $4,000 for the vet bills. Pet insurance saved approximately $1,100 in this situation.
Walter Haugland, Vice President of Marketing at Pets Best, emphasizes that approximately four out of five pets will experience an unexpected emergency. It's challenging to predict when such emergencies will occur, whether it's a few months or a few years after acquiring a pet. This unpredictability is where pet insurance provides valuable financial protection.
When deciding if pet insurance is worth it, consider the following questions:
1. What amount are you willing to pay out-of-pocket for vet bills?
2. How would you cover expensive vet expenses in the event of an accident or illness, such as cancer?
While one proceeds with a budget in mind for vet bills, Haugland notes that during a life-or-death situation involving pet, a parent might be willing to stretch their budget further than expected.
In totality, pet insurance offers peace of mind and financial security for pet owners, ensuring they can make the best care decisions for their pets without facing significant financial risk. It provides a safety net for unexpected emergencies, allowing you to focus on your pet's well-being rather than worrying about the cost of treatment.
